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Shiprocket’s revenue grows to Rs 1,316 Cr in FY24, cuts losses

Entrackr · 10d

Logistics and supply chain enabler Shiprocket has managed decent growth in the fiscal year ending March 2024. Its co-founder and chief executive officer Sahil Goel claimed that the company’s operating revenue grew 21% year-on-year and reached Rs 1,316 crore in the last fiscal year. For context, Shiprocket recorded Rs 1,088.7 crore in revenue from operations in FY23 while its losses were at Rs 333.81 crore (including Rs 63.16 crore worth of exceptional items booked for amortization of intangible assets and investment provisions) during the period. While the company is still far away from profitability, Goel claimed that Shiprocket reduced its cash EBITDA burn by 48%, bringing it down from Rs 191 crore in FY23 to Rs 100 crore in FY24. According to him, the reduction in losses was a key factor in the company achieving cash profitability in the first two-quarters of FY25. The improved EBITDA margin reflects Shiprocket’s efforts to optimize operational efficiency, reduce costs, and increase its profit margins according to Goel’s LinkedIn post. “Our Emerging Businesses are growing at a rate of ~75% Y-o-Y including Shiprocket Cross Border, Checkout, Capital, and other innovations that are leading the way as we rapidly scale new products and offerings for Indian SMBs,” said Goel. The integration of Pickrr’s Domestic Shipping also played a crucial role in strengthening Shiprocket's core platform. Founded by Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket provides logistics and supply chain solutions to retailers which lets them integrate their shopping websites across e-comm enablers such as Shopify, Magenta, and others. The company claims to empower over 1.5 lakh active businesses and enable 5% of India’s e-commerce through its platform. In December 2021, Shiprocket raised $185 million in a Series E round co-led by Zomato, Temasek, and Lightrock India. The firm turned unicorn in August 2022 following a $33 million tranche. In October last year, it also scooped up $11 million from McKinsey at a flat valuation.